New Publix Super Market Continues East Lake Revitalization; Groundbreaking Latest in $120 Million Revitalization Effort; Progress Cited On Community Initiatives.

Business Editors

ATLANTA--(BUSINESS WIRE)--Oct. 12, 2000

The East Lake Community Foundation and Publix Super Markets jointly announced the groundbreaking of a new Publix store near the intersection of 2nd Avenue and Glenwood Avenue in the East Lake community close to downtown Atlanta.

In addition to the traditional dairy, frozen food, grocery, meat and product departments, the new Publix will contain the following departments: pharmacy, bakery, deli, floral and fresh seafood. It will also feature an electronic payment system at the checkout, PRESTO! ATM and other services to provide its customers a premier shopping experience.

When it opens in Fall 2001, the freestanding, 44,270-square-foot Publix will become the latest in a series of physical developments totaling approximately $120 million that are designed to accelerate the revitalization of East Lake. Other projects included in this effort are The Villages at East Lake, high quality mixed-income townhouses and garden apartments; restoration of East Lake Golf Club; construction of an Educational Village that includes the new K-8 Drew Charter school (the city's first and only charter school), a new family YMCA and a child development center operated by Sheltering Arms; and completion of a new, public 18-hole Charlie Yates Golf Course at East Lake.

The Foundation and Publix have assembled a first-class construction and development team for this project. Cousins MarketCenters, the retail division of Cousins Properties, assisted with the land acquisition and major tenant negotiations. W. Michael Murphy & Associates and M.J. Lant Development will serve as developers with Benning Construction Co. as contractor and Preston Phillips as architect and engineer.

Greg Giornelli, executive director of the East Lake Community Foundation, stated, "We are excited about Publix' decision to join the East Lake community. As the only supermarket, Publix will serve a vital need of East Lake's residents. In the five years since the Foundation started its work, we have seen a dramatic transformation within the community not only in physical terms but also in human terms. The financial contribution Publix makes to the life of a community is easy to measure. The contribution it makes to the restoration of hope and dignity as well as the future development of its children is beyond measure."

Publix spokesman Lee Brunson said, "We are dedicated to being responsible citizens and good neighbors in the communities we serve. Publix is pleased to join the incredible work and revitalization currently underway in East Lake. We look forward to a successful partnership with the Foundation and the residents of East Lake."

Mr. Giornelli pointed out that the growth within the East Lake Community has been phenomenal since the Foundation began working with community and business leaders in late 1995. The many initiatives underway in the community have resulted in the following progress to date:

- 100% of East Lake Meadows demolished.

- 342 units of mixed-income housing built and 100% leased.

- Remaining 200 units of mixed-income housing under construction with
completion date of April 2001.

- 9 holes of Charlie Yates Golf Course and driving range opened in January
1999; remaining nine holes opened October 8, 2000.

- Crime in The Villages of East Lake is down 97% compared to East Lake Meadows.


- Crime rate has decreased 58% in the surrounding East Lake community since
1994.

- Redevelopment has spurred East Lake's first new residentional construction in
30 years, a $7 million townhouse development.

- In 1996-1999 the East Lake neighborhood achieved the highest home resale
price appreciation in entire 17 county metro Atlanta area.

- Foundation awarded the first charter school in the city of Atlanta; Drew
Charter School opened on August 14, 2000 with 245 children in K-5.

- East Lake Junior Golf Academy has already introduced 115 inner-city children
to golf.

- Over $50 million in charitable donations raised since 1995.

- East Lake Golf Club's caddie program has employed 400+ high school and
college students. First caddie college scholarships were awarded in August
1998.

- East Lake Golf Club ranked in Golf Digest's Top 100; site of 1998 and 2000
Tour Championship and 2001 USGA Amateur.

The East Lake Community Foundation ("ECLF") was founded in November 1995 to redevelop Atlanta's troubled inner-city East Lake neighborhood. ELCF seeks to revitalize East Lake through the physical transformation of the neighborhood - particularly the redevelopment of East Lake Meadows, a failed public housing project - and through long-term educational, recreational and self-sufficiency programs for community residents.

ELCF is affiliated with the historic East Lake Golf Club, home course of famed amateur golfer Bobby Jones. Corporate members for the Golf Club have contributed to date $7.5 million to support the neighborhood effort, and the club has committed its annual excess cash flow from operations to help fund ELCF's educational and recreational programs.

Publix is owned and operated by its more than 121,000 employees, with 1999 sales of $13.1 billion. Currently Publix has 643 stores in Florida, Georgia, South Carolina and Alabama. The company has been named one of America's top 10 places to work in the book The 100 Best Companies to Work for in America as well as one of the top companies in Fortune's recent list of best workplaces. In addition, Publix's dedication to superior quality and customer service is recognized as tops in the grocery business, most recently by an American Customer Satisfaction Index survey published in Fortune magazine.